For this reason many states will treat installment sales contracts as mortgages and require a foreclosure process.

Hi Richard - Sounds like DSCR is the way to go with no DTI requirments.

What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.?

I'm interested in learning more bout real estate investing, and I currently have the goal of, after fulfilling my two-year on-campus housing requirement, buying a house to house hack starting in the summer going into my junior year (about 13-14 months away from today).

To obtain $200k worth of cash flow at current interest rates would require around $7M worth of purchased real estate in the NY metro region if they all had loans at their nascent stage.

cash flowing requires more creative, and therefore higher risk, strategies.so, of course, you will likely cash flow if you buy in all cash. 

@Tori Trent, I think @Bill Brandt, @Jesse Poll, and @Theresa Harris all have great points.

I know other student rental investors that do not require guarantors because of the additional administrative work and they say that the social pressure of not paying rent is enough insurance.Low Vacancy - LOCATION is everything with student rentals.

I'd talk to the building inspector and get an idea of all of the work that is required to get it to code. 

The lender MAY require immediate payment.